Relationship Property Agreements can take different forms. Persons entering into a new relationship may want to enter into a Relationship Property Agreement (more commonly known as a Pre-nup Agreement) to protect their assets or to outline who will own what at the start of the relationship and who will own what at the end of the relationship.
A Relationship Property Agreement may also be made during the relationship although certain precautions need to be taken into account if this is to be done.
Relationship Property Agreements are more commonly made at the end of a relationship (Contracting Out Agreement). In that instance, the agreement sets out what is to happen to property owned by the parties (relationship property) and what is to happen to property owned by the parties in their own right (separate property).
Property Relationship Agreements must be witnessed by two separate lawyers, one acting for each of the parties. Those lawyers cannot be from the same firm. Lawyers must certify, in the agreement document itself, that they have advised each party otherwise the agreement will not be binding on the parties.